Please add more cash accounting features!
TCG
Member Posts: 4
I would highly request that Wave add more Cash Accounting features / reports, or ultimately, full Cash Accounting support and an option to setup a company that way from the start.
I know Wave thinks Accrual Accounting gives a better picture of the businesses financial position, but the majority of your target audience (small business) uses Cash Accounting. If Wave was built for larger corporations, then I would understand using Accrual Accounting.
I would even be willing to pay a small fee, say $5-10/month, if Wave supported Cash Accounting because it would still be cheaper than alternative cloud accounting platforms that are typically $20-$30 month for unlimited customers / invoices.
Are there any plan in the work for Wave to better support Cash Accounting in the near future?
Comments
Hi, @TCG.
On the new version of Wave, which you are using, you can bring up quite a few reports in cash-based accounting. The Cashflow report is a cash-based report. The Sales tax report and the Account Transactions report can both be viewed as cash-based as well.
Are there specific cash-based accounting features you'd like to see that you feel are missing in Wave?
These cash based reports are helpful but they are just workarounds. As TCG said, the majority of small businesses use cash accounting for a number of valid reasons, and since most of us aren't true accountants (and can't easily switch gears in our heads between cash and accrual) it would be so much simpler if Wave offered true cash accounting. It would greatly simplify things at tax time, too. I can anticipate having to do some manual calculations at year end to get numbers from Wave that will be accurate for our year end tax return, which in some ways defeats the purpose of accounting software. It's never good to have two sets of numbers. Thanks for considering adding cash accounting as an option.
Thanks for your feedback, @HandymanHeadlee.
I understand where you are coming from and I'll pass your comments along.
The Sales Tax report can be changed to work in cash-basis. While this isn't full-on cash-based accounting support, you will be able to gather everything you need for your numbers to be accurate on your taxes. If there's anything specific you're having trouble finding, let me know. I'd be happy to help.
Thanks for this tip @Alexia ...I'm sure it will come in handy at year end!
No problem at all, @HandymanHeadlee! If you run into any issues then, reach out!
Hi @Alexia,
I still don't have the new cash reports in the version I'm running. How do I get upgraded? I thought it would happen to all customers by June, but still don't see cash reports or a cash option for my tax report. Suggestions?
Hi, @MoroccoDave,
This isn't something that can be sped up for individual accounts. We're working on bringing those new features to all of our users as soon as we can, but our priority is to ensure the integrity of your data throughout that process. I don't have a timeline to offer just yet, however.
We do have a workaround to help you in the meantime. You can find it here